REC LIMITED — Capital/Financing Update 2024

Apr 20, 2024

SEC-1/187(2)/2024/1672

Dated: April 20, 2024

SEC-1/187(2)/2024/1672	Dated: April 20, 2024
लिसटग लिभाग, नशनि टॉक एकचज ऑफ इलिया लिलिटि एकचज पाजा, बादा किा कॉम क, बादा (पि),िबई - ४०० ०५१	कॉपोरट सबध लिभाग बीएसई लिलिटि पहिी िलजि, फीरोज जीजीभोय टािस दिाि टीट, फोट, िबई - ४०० ००१
सिप कोि—RECLTD	सिप कोि—532955
Listing Department, National Stock Exchange of India Limited Exchange Plaza, Bandra Kurla Complex, Bandra (East),Mumbai– 400 051.	Corporate Relationship Department BSE Limited 1stFloor, Phiroze Jeejeebhoy Towers Dalal Street, Fort, Mumbai– 400 001.
Scrip Code—RECLTD	Scrip Code—532955

Sub: Intimation of incorporation of subsidiary company.

Madam/Sir(s),

In furtherance to our letter dated March 19, 2024 and pursuant to Regulation 30 read with Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, this is to inform that Bhadla-III Power Transmission Limited (CIN: U42202DL2024GOI430036) has been incorporated as Wholly Owned Subsidiary of REC Power Development & Consultancy Limited (a Wholly Owned Subsidiary of REC Limited). The said company is also subsidiary company of REC Limited, in terms of the provisions of Section 2(87) of the Companies Act, 2013. The other requisite details are attached herewith as Annexure-1.

यह आपकी जानकारी के लिए है। This is for your kind information.

धन्यवाद ,

भिदीय ,

Jyoti Digitally signed by Jyoti Shubhra Shubhra Amitabh Date: 2024.04.20 Amitabh 15:00:47 +05'30' ( जे . एस . अलिताभ) कायाकारी लनदेशक और किंपनी सलचि

Annexure -1

Acquisition (Incorporation of Wholly Owned Subsidiary named “Bhadla-III Power Transmission Limited”)

Sl. No.	Particulars	Details
1.	Name of the target entity, details in brief such as size, turnover etc.	Name: Bhadla-III Power Transmission Limited Authorized Capital:₹5 ,00,000/- Paid up Capital:₹5,00,000/- Turnover: Not Applicable (It is a newly incorporated Company and is yet to commence its business). Central Electricity Authority, Ministry of Power, vide letter dated February 16, 2024 had allocated one transmission project, wherein RECPDCL has been appointed to act as Bid Process Coordinator (BPC) for the purpose of selection of Bidder for Additional Transmission system for evacuation of power from Bhadla-III PS as part of Rajasthan REZ Phase-III scheme (20 GW). In view of the above, Bhadla-III Power Transmission Limited has been incorporated on April 19, 2024. After selection of the successful bidder in accordance with the TBCB guidelines, said company would be transferred to the successful bidder along with all assets & liabilities.
2.	Whether the acquisition would fall within related party transaction(s) and whether the promoter/ promoter group/ group companies have any interest in the entity being acquired? If yes, nature of interest and details thereof and whether the same is done at“arms length”	Bhadla-III Power Transmission Limited is a Wholly Owned Subsidiary of REC Power Development & Consultancy Limited (a Wholly Owned Subsidiary of REC Limited), therefore it is a related party of the REC Limited. The Promoter, promoter group/ group companies do not have any interest in Bhadla-III Power Transmission Limited except to the extent of its shareholding.
3.	Industry to which the entity being acquired belongs	Power Sector.
4.	Objects and effects of acquisition (including but not limited to, disclosure of reasons for acquisition of target entity, if its business is outside the main line of business of the listed entity)	The Company has been incorporated for Additional Transmission system for evacuation of power from Bhadla-III PS as part of Rajasthan REZ Phase-III scheme (20 GW).
5.	Brief details of any governmental or regulatory approvals required for the acquisition	Incorporated pursuant to letter dated February 16, 2024 issued by Central Electricity Authority, Ministry of Power, wherein REC Power Development and Consultancy Limited has been nominated as Bid Process Coordinator.
6.	Indicative time period for completion of the acquisition	Not Applicable.
7.	Nature of consideration - whether cash consideration or	100% subscription to the equity share capital in cash.

	share swap and details of the same
8.	Cost of acquisition or the price at which the shares are acquired	100% subscription to the equity share at face value
9.	Percentage of shareholding / control acquired and / or number of shares acquired	100%
10.	Brief background about the entity acquired in terms of products/line of business acquired, date of incorporation, history of last 3 years turnover, country in which the acquired entity has presence and any other significant information (in brief)	REC Power Development and Consultancy Limited (RECPDCL) inter-alia acts as the "Bid Process Coordinator" for selection of Transmission Service Provider through Tariff Based Competitive Bidding (TBCB) process, for independent inter-state and intra-state transmission project assigned by the Ministry of Power and State Governments from time to time.

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